Foreclosure notice of default in NY– what is it?

If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.

Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure.

The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).

The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.

Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.

Back before US law required a notice of default, people were sometimes foreclosed on without any warning.

In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Lynbrook.

The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.

If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.

Here are a few key steps you should take:

1) Stay calm and don’t panic.

This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.

2) Educate yourself.

Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.

3) Gather your resources.

There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.

4) Learn your options.

We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.

5) Communicate.

The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.

Your email address will not be published. Required fields are marked *

Comment

Name *

Email *

Website

Save my name, email, and website in this browser for the next time I comment.

Sum of 8 + 9 *

Meet Joe

My name is Joe Cordes and I am the owner of Comax Properties, a local real estate solutions company. We're dedicated to helping Long Island homeowners who need a solution for their house or mortgage trouble. If you need to sell a house in Long Island call me at 516-704-7025 so we can talk about your specific needs.

Get Your Fair Cash Offer: Start Below!

Fill out the form below to get a Fast, No Cost, No Obligation, Hassle Free Offer!

Property Address*

Street AddressAddress Line 2CityStateZIP Code

Phone

Email*

Email

This field is for validation purposes and should be left unchanged.

Testimonials

Comax Properties

We had to get rid of my family home, which was sad but it was time. I first met Joe in the summer of 2018. He was very professional, kind and was so understanding of my circumstances . I felt comfortable with him from day one. He was with me through the whole process and I could not have asked for a better experience . Joe was always a phone call away with any concerns or questions I had. I would highly recommend Joe Cordes. He is the best !!

Caren. C, Farmingdale NY

Comax Properties

I’ve been working with Joe for a few years now and in a sea of sameness he stands apart because he’s authentic and has integrity. Those two attributes mean he does what he says and truly cares for people. There aren’t many businesses out there like this anymore!

Kate Hall, Washington DC

Comax Properties

I first met Joe from Comax Properties when he helped out some of my clients, who were being foreclosed on and needed to sell their house via short sale. He was easy to work with and throughout the entire process, he was extremely professional, straightforward and respectful of my client’s wishes and needs. Most importantly, he was honest and did exactly what he said he was going to do, which relieved much of the stress my clients were feeling about the short sale process.

We are a real estate solutions agency that specializes in helping homeowners get rid of burdensome houses fast. We are investors and problem solvers who can buy your house fast with a fair all cash offer. We also offer free foreclosure and short sale advise and assistance.